{"id":1416,"date":"2022-12-29T16:40:45","date_gmt":"2022-12-29T16:40:45","guid":{"rendered":"https:\/\/solanacrypto.news\/2022\/12\/29\/solana-based-tokens-tumble-as-ethereum-killer-continues-slide\/"},"modified":"2022-12-29T16:40:45","modified_gmt":"2022-12-29T16:40:45","slug":"solana-based-tokens-tumble-as-ethereum-killer-continues-slide","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2022\/12\/29\/solana-based-tokens-tumble-as-ethereum-killer-continues-slide\/","title":{"rendered":"Solana-Based Tokens Tumble as \u2018Ethereum Killer\u2019 Continues Slide"},"content":{"rendered":"
\n

Solana<\/a> (SOL), the token powering the eponymous blockchain network, is down another 6% on Thursday morning, currently trading at $9.45, per CoinGecko<\/a>.<\/p>\n

Once highly praised by the disgraced founder of the now-bankrupt crypto exchange FTX Sam Bankman-Fried, Solana fell below $10<\/a> for the first time in nearly two years on yesterday. SOL is now down 96.3% from the all-time high of $259.96 seen in November last year.<\/p>\n

Solana\u2019s market capitalization now stands at $3.4 billion, which makes it the world\u2019s 20th largest crypto asset.<\/p>\n

With the latest price action, the broader Solana ecosystem also shed 9.2% of its value over the past 24 hours, according to CoinGecko<\/a>.<\/p>\n

Among the most affected is Serum (SRM), the native token of the now-defunct Solana-based decentralized exchange (DEX<\/a><\/span>), which is down 6.5% over the past day, trading below $0.13, and Raydium (RAY) with a 3.4% drop to the current value of $0.14.<\/p>\n

Following the FTX collapse, Serum forked off<\/a> into a community-led project called Openbook, which continues to use the SRM<\/a> token for simplicity, with most trading volume\u2014over $1.2 million in the day\u2014happening on Binance<\/span>.<\/p>\n

Raydium is one of Solana\u2019s largest decentralized finance (DeFi<\/a><\/span>) protocols and is considered one of the cornerstones of the Solana DeFi ecosystem. The protocol fell victim to a $2 million hack<\/a> earlier this month and appears to still be struggling in the incident’s aftermath, with the total value locked on the protocol plunging to $28.16 million by press time, according to DeFi Llama<\/a>.<\/p>\n

Life After FTX: How Solana DeFi Is Starting Over\u2014Without SBF\u2019s Serum<\/a><\/p>\n

SLND, the token underpinning Solana-based lending and borrowing protocol Solend, is down 4.4% over the day, currently trading at $0.33, per CoinGecko<\/a>.<\/p>\n

Elsewhere, the market is largely trading sideways, with Bitcoin<\/a> (BTC) shedding 0.3% over the day, currently changing hands around $16,600.<\/p>\n

Ethereum<\/a> (ETH), the market\u2019s second-largest cryptocurrency, is up 0.3%, trading just below $1,200.<\/p>\n

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Solana (SOL), the token powering the eponymous blockchain network, is down another 6% on Thursday morning, currently trading at $9.45, per CoinGecko. Once highly praised by the disgraced founder of the now-bankrupt crypto exchange FTX Sam Bankman-Fried, Solana fell below $10 for the first time in nearly two years on yesterday. SOL is now down […]<\/p>\n","protected":false},"author":1,"featured_media":1417,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/1416","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=1416"}],"version-history":[{"count":0,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/1416\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/1417"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=1416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=1416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=1416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}